Siply secures $19m to serve India’s savers

Siply, a startup that has positioned itself as a micro-savings app for underserved Indians, has raised $19m in a pre-Series A funding round.

The round was led by QI Ventures, according to a report from YourStory. The round also saw participation from returning investors LetsVenture and JITO, as well as angel investors including Vivek Sunder, CEO of Cuemath.

Founded in 2020 by Sousthav Chakrabarty and Anil Bhat, Siply offers individuals savings products on its app, including smallcase investing. The company also works with corporates to offer micro-loans to employees.

Since its last fundraise in October, the number of user accounts with Siply has grown to over 6 million. It also claims to have a revenue run rate of $1 million, which is projected to grow to $12 million by March 2023.

Siply will use this latest funding to achieve triple-digit Average Revenue Per User (ARPU) and to turn operationally cash-flow positive by the coming year by offering its solutions for specific savings instruments. It will also target acquisitions in the space.

Sousthav Chakrabarty, CEO and co-founder of Siply, said, “Siply is positioned to be a leader in the new category of digital banking for the next 400 million Indians having a similar obsession with revenues, from solutions that are aligned with consumer needs, through meaningful growth from acquiring high-quality users, resulting in high ARPU and faster break even.”

Investment in India remains strong. Kuhoo, a platform providing digital student loans for the education of economically disadvantaged communities, was the largest FinTech seed deal in India in the first quarter of 2022, raising $19.8m.

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